The unadjusted trial balance of Ervine Inn Company at December 31, 2024, and the data needed for the adjustments follow. Click the icon to view the unadjusted trial balance.) Click the icon to view the adjustment data.) Read the requirements. Requirement 1. Journalize the adjusting entries on December 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. As of December 31, Ervine had $300 of Prepaid Insurance remaining. Date Accounts and Explanation Debit Credit (a) Dec. 31 Ervine Inn Company Unadjusted Trial Balance December 31, 2024 Balance Debit Credit Account Title Cash $ 10,800 Accounts Receivable 13,800 Prepaid Insurance 3,200 1,400 375,000 Office Supplies Building Accumulated Depreciation-Building Accounts Payable $ 340,000 4,210 Salaries Payable Unearned Revenue 3,000 44,730 Ervine, Capital Ervine, Withdrawals Service Revenue 1,890 18,200 Salaries Expense 3,300 Insurance Expense Cash $ 10,800 13,800 3,200 1,400 375,000 Accounts Receivable Prepaid Insurance Office Supplies Building Accumulated Depreciation-Building Accounts Payable Salaries Payable Unearned Revenue $ 340,000 4,210 3,000 Ervine, Capital 44,730 Ervine, Withdrawals 1,890 Service Revenue 18,200 Salaries Expense 3,300 Insurance Expense Depreciation Expense-Building Advertising Expense 750 Supplies Expense $ 410,140 $ 410,140 Total More Info Adjustment data at December 31 follow: a. As of December 31, Ervine had $300 of Prepaid Insurance remaining. b. At the end of the month, Ervine had $900 of office supplies remaining. c. Depreciation on the building is $2,100. d. Ervine pays its employees weekly on Friday. Its employees earn $2,200 for a five-day workweek. December 31 falls on Tuesday this year. e. On November 20, Ervine contracted to perform services for a client receiving $3,000 in advance. Ervine recorded this receipt of cash as Unearned Revenue. As of December 31, Ervine has $1,000 still unearned. 1. Journalize the adjusting entries on December 31. 2. The four-column ledger accounts have been opened for you using the unadjusted trial balance. Post the adjusting entries to the ledger accounts. 3. Prepare the adjusted trial balance. 4. Assuming the adjusted trial balance has total debits equal to total credits, does this mean that the adjusting entries have been recorded correctly? Explain